'RECENT DECLINE IN INDIAN SAVINGS : IS IT IN LINE WITH THE GLOBAL TREND?' - PROF. PARTHAPRATIM PAL & PROF. PARTHA RAY; PUBLISHED IN 'ECONOMIC & POLITICAL WEEKLY'; JUNE 15, 2024

The latest National Accounts Statistics data show a declining saving rate in a period of high growth and high interest rates. Analysing the data for 2011–12 to 2022–23, it appears that the demonetisation, the spurt in digital transactions, and the pandemic seem to be associated with changes in household savings behaviour.

https://www.epw.in/journal/2024/24/commentary/recent-decline-indian-savings.html